News : Documentation

Documentation, Strategy

Wording can undermine BDBN

The wording of a binding death benefit nomination is paramount in determining its efficacy, a specialist lawyer has said.

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Auditing, Documentation

Lack of details creating related-party concerns

SMSFs need to provide as many details as possible on related-party transactions to avoid problems during a fund audit.

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Documentation, Succession Planning

Succession conflict resolution critical for deeds

Referree blowing a whistle

It is important for SMSF trust deeds to have the ability to resolve conflicts between different types of succession planning measures, a specialist lawyer has said.

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Accounting, ATO, Documentation

Accountants should use peers for SMSF paperwork

Accountants should consider using their peers to produce financial statements for their own SMSFs to avoid raising flags with the ATO.

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Documentation, Tax

Testamentary discretionary trust death benefit bonus

SMSF death benefits can be better protected from external threats and receive more favourable tax treatment with the use of a testamentary discretionary trust.

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Documentation, Estate Planning, Financial Planning

SMSF expert to launch automated document service

A new automated document creation service built by I Love SMSF founder Grant Abbott will hit the market at the end of February.

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Documentation, Pensions

SMSF Alliance launches adviser toolbox

A toolbox aimed at helping advisers provide strategic advice for their SMSF clients through the use of different algorithms has been launched.

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Administration, Documentation, Pensions

Advisers urged not to skimp on pension documents

A leading service provider has recommended SMSF advisers opt for full pension documents, even if it may cost clients more, to prevent confusion and breaches of PI insurance.

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ASIC, Compliance, Documentation

Best interest duty unwieldy for advisers

A report from the corporate regulator saying advisers did not demonstrate compliance with the best interest duty in relation to SMSF advice in 91 per cent of the cases reviewed indicates the cumbersome nature of the best interest duty rather than poor advice, according to Lime Actuarial.

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Accounting, Documentation, Regulation

TBAR will raise technology use by accountants

Transfer balance account report (TBAR) requirements will force accountants to refocus on how they will use technology in their practices to service their SMSF clients, a technical expert has said.

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